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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $126.07M | $132.92M | $103.70M | $53.55M | $57.39M | $60.81M | $60.99M | $62.93M |
| Cost of revenue | $72.29M | $74.25M | $45.05M | $48.48M | $50.43M | $48.83M | $58.26M | $57.27M |
| Gross profit | $53.78M | $58.68M | $58.65M | $5.08M | $6.96M | $11.98M | $2.72M | $5.66M |
| Gross margin | 42.7% | 44.1% | 56.6% | 9.5% | 12.1% | 19.7% | 4.5% | 9.0% |
| Research and development | $1.28M | $1.91M | $2.21M | $19.03M | $2.50M | $474.00K | $1.16M | $2.05M |
| Selling, general and administrative | $35.16M | $33.64M | $32.07M | $28.41M | $27.43M | $24.17M | $19.07M | $21.53M |
| Operating expenses | $85.81M | $82.80M | $60.13M | $72.10M | $50.84M | $46.76M | $42.34M | $45.20M |
| Operating income | −$32.03M | −$24.12M | −$1.48M | −$67.02M | −$43.88M | −$34.78M | −$39.61M | −$39.54M |
| Operating margin | -25.4% | -18.1% | -1.4% | -125.2% | -76.5% | -57.2% | -65.0% | -62.8% |
| EBITDA | $3.35M | $8.02M | $23.13M | −$44.53M | −$23.11M | −$13.39M | −$17.50M | −$20.20M |
| Interest expense | −$9.70M | −$9.85M | −$9.89M | −$8.57M | −$5.41M | −$7.62M | −$6.76M | −$6.65M |
| Income before taxes | −$29.34M | −$13.64M | $10.56M | −$58.43M | −$42.72M | −$27.18M | −$33.96M | −$34.87M |
| Income taxes | −$9.04M | −$5.67M | $1.13M | −$16.65M | −$11.85M | −$4.53M | −$11.62M | −$9.35M |
| Net income | −$20.30M | −$7.97M | $9.43M | −$41.78M | −$30.87M | −$22.65M | −$22.34M | −$25.52M |
| Net margin | -16.1% | -6.0% | 9.1% | -78.0% | -53.8% | -37.2% | -36.6% | -40.5% |
| EPS, basic | −$0.11 | −$0.04 | $0.05 | −$0.24 | −$0.19 | −$0.14 | −$0.14 | −$0.16 |
| EPS, diluted | −$0.11 | −$0.04 | $0.05 | −$0.24 | −$0.19 | −$0.14 | −$0.14 | −$0.16 |
| Diluted shares | 178.41M | 178.02M | 177.87M | 175.03M | 163.83M | 163.76M | 163.24M | 164.15M |
Figures describe MP Materials shares, not any token. As of Aug 7, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.